(Closed) What is your budget? How did you determine it?

posted 5 years ago in Money
Post # 3
Member
307 posts
Helper bee
  • Wedding: March 2014

Basically we knew what we couldn’t go over, and we had a chat to parents as well. It was only when we’d pretty much agreed on the venue that we could set the budget, purely because the prices varied so widely and it would have been pointless to limit ourselves to venues that just might not have been right for us.

Once we had the venue numbers in mind, we could decide where the rest of our money was going based on research of costings, and deciding what I could DIY.

Hope that makes sense 🙂

Post # 4
Member
3194 posts
Sugar bee
  • Wedding: October 2013

@MrsFutureG:  we did similar to what you did.

1) we listed out all the venues in our area and what we wanted from them, and called all of them to see what the going rate was for what we wanted.

2) we prioritized based on that, because the venue ate up 80% of our budget (it included a DOC, caterer, and a lot of our decor)

3) we talked to our parents to see what they could help with

4) we looked at our projected expenses over the next year and what our anticipated income was.

we got lucky in some respects, as Future Mother-In-Law is quite well off and offered us essentially an unlimited budget. we have just worked really hard along the way to not go overboard with anything and to cut corners and costs wherever we could.

Post # 5
Member
3194 posts
Sugar bee
  • Wedding: October 2013

also, i should add that we’re almost done purchasing things for the wedding and we will be coming in about $1,000 under budget. so my method was apparently solid!

Post # 6
Member
2685 posts
Sugar bee

We have a $12k budget.  We started by looking at our predicted non-wedding expenses and figuring out what we would be able to save within the next couple of years.  Our venue is our house, so had to look at all other expenses to figure out what we could get for that budget.  We knew that we did not want any financial help from parents from day 1, so we never factored it in.

Post # 8
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

We talked about an amount that Mr. LK was comfortable with spending. That amount would come out of our joint account. If I wanted to spend more than that amount, it had to come out of my personal discretionary account. So I was free to spend however much I wanted, as long as it was all paid for in cash. And along the way I just paid what I felt was a fair price for a given service or item based off of my research, knowing that I wanted to secure the services of vendors who were true professionals so that I didn’t have to stress over their competence. It worked for us, and I ended up financing most of the wedding out of my discretionary account over the year that we were planning, leaving more money in the joint account to enhance our house down payment fund. 🙂

Post # 9
Member
3194 posts
Sugar bee
  • Wedding: October 2013

@MrsFutureG:  haha. ^.^ we ARE very lucky, and she has been incredibly generous. we have put ourselves on a strict budget to be kind to her pocket book, and i recognize that we are extremely lucky to have been able to choose for ourselves.

our dream venue was in the top of the tallest building in the capital of our home state, but we quickly realized that was a no-go when the catering minimum was $11,000 and they refused to customize the menu. we have cut a lot of corners and compromised on a lot of things for her. she has been a huge blessing.

Post # 10
Member
9549 posts
Buzzing Beekeeper
  • Wedding: August 2013

I asked around from friends and family to get an idea of how much I thought the wedding would cost. I came up with about $25K which is what I set aside and what became our max budget. Then I did some thinking and hoping and decided I wanted to shoot for $15K. Right now we’re 4 months out and it’s looking like we’ll come in at just over $20K. So over my “hopeful” budget but under my “max” budget.

Basically my fiance and I are cheapskates and have looked at every piece of the wedding and really tried to figure out if we really need it and how we can do it cheaply. We know our priorities and we’ve done a fairly good job sticking to them. What we sucked at was cutting down the guest list. If we didn’t have such big families and didn’t invite so many friend we could have easily met our hopeful budget.

Post # 11
Member
83 posts
Worker bee
  • Wedding: September 2014

We went to http://www.costofwedding.com/ enter zip code of where wedding will take place. if you know your estimated guest count even better! It will give you a break down of avg costs for everything in that area

Post # 12
Member
1293 posts
Bumble bee
  • Wedding: December 2018

@MrsFutureG:  Our budget determination was very simple. We looked at the goals we have for our life together and how much they cost. Then we looked at our savings and determined what we wouldn’t *miss* and how much we could reasonably spend without losing sight of our more important overall goals.

We are doing a 2 week weddingmoon, and we decided that $15,000 is reasonable for us to spend. I’d much rather spend this amount on 2 weeks than a single day.

Post # 13
Member
823 posts
Busy bee
  • Wedding: August 2013

@MrsFutureG:  we began by researching the cost of things in our area to get an idea of what cost you can get things for. We then estimated what we were willing to pay for everything, and just decided to stick to it. Our budget for 85 people was originally around $6,000 and now including the honeymoon, we’ve spent just under $8,000 for everything, so I think we’ve done well. I was very strict about not going over budget though, even if that meant getting less of something or cutting it completely. I just can’t see spending more than a certain amount on one day, especially when Fiance and I are paying for the majority of it and are still saving for a house and baby. As long as you set a realistic budget, it is completely possible to stick to it if you actually want to. You just might have to say no to some things that would be nice but are not worth their cost. 

Post # 14
Member
850 posts
Busy bee
  • Wedding: September 2013

We have no budget, we just want value for money. My parents have offerd to pay for the lot, whatever it takes and Fiance Mum has also offered to contribute. So the Sky is the Limit (almost) but we cant bare the idea of spending a fortune so we are just looking for bargains. So far we are at £8k but have a few things left to get…..and the guest list seems to keep climbing.

Post # 15
Member
2023 posts
Buzzing bee
  • Wedding: September 2013

@MrsFutureG:  Ours is $20,000.  My dad told me years ago my budget was $10,000. My grandparents like to be fair to all grand children and since the oldest has already been married I am getting what they gave him, $10,000.  So $20,000.  Basically my grandparents are paying for the reception since they dont want to be bothered with all the little things.  So they get the food, bar, and if there is money left to spend it will go toward the venue rental. 

Post # 16
Member
2685 posts
Sugar bee
  • Wedding: July 2013

We figured out what we were willing and able to spend through a combination of cash and short-term (< 6 months) credit card debt. From there, we just did the research for what we could afford based on the kind of wedding we wanted to have. 

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